First Solar reported third‑quarter 2025 results, with net sales of $1.6 billion, up $0.5 billion from the prior quarter and up 78% year‑over‑year from $0.9 billion in Q3 2024. Diluted earnings per share rose to $4.24 from $3.18 in Q2 2025 and $2.91 in Q3 2024.
Cash and cash equivalents increased to $1.5 billion, up from $0.6 billion at the end of Q2 2025, reflecting stronger liquidity from higher module sales.
Management revised its 2025 full‑year outlook. Net sales guidance was narrowed to $4.95 billion–$5.20 billion from the previous $4.90 billion–$5.70 billion range, reflecting reduced international volumes and a 0.5 GW cut in domestic India sales. Gross margin guidance was adjusted to $2.10 billion–$2.20 billion, operating income to $1.56 billion–$1.68 billion, diluted EPS to $14.00–$15.00, capital expenditures to $0.9 billion–$1.2 billion, and volume sold to 16.7 GW–17.4 GW.
The company cited a mix shift toward U.S.‑manufactured modules and higher under‑utilization costs as the primary drivers of a 38% gross margin in Q3, down from 46% in Q2. Contract termination payments of $81 million, including $61 million related to BP affiliates, also weighed on results.
First Solar highlighted the commissioning of its fifth U.S. manufacturing facility, which is expected to enhance delivery certainty and support the higher sales mix. The company also reported new bookings of 2.7 GW against debookings of 6.9 GW, leaving a backlog of 53.7 GW valued at $16.4 billion as of September 30 2025.
Management noted that trade and policy developments continue to present challenges, but the company remains focused on leveraging its U.S. manufacturing advantage to navigate tariff and policy uncertainties.
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